📊 JANUARY 2024 - Real Estate Market Update
One month in to 2024 and while we saw fewer transactions in our market compared to January 2023, we did on the whole see an increase in the number of buyers at inspections and enquiry levels spike.
Now this could also be a result of people being on holidays and having available time but for those sitting on the fence about whether to buy or sell now it's positive news that inflation is coming down quicker than anticipated and that is sure to play a part in bringing more confidence for both buyers and sellers. Expert predictions and popular opinion is that the rates have now peaked with the next likely move to be downward.
Anyone playing along trying to time the market, here’s the tip - as soon as there is even a hint that interest rates will begin to drop there will be a surge in market activity and a return to pricing volatility.
Will it be as aggressive and sharp as 2021? Unlikely with banks still playing their part in putting a ceiling on borrowing, but sure enough there will be a buzz once again and as we know from history, once there is buzz, the love affair we have with property escalates into a full blown romance very quickly.
Looking back over time, using Cranbourne itself as the example, the median house price in 2016 was $406,000 now this jumped aggressively to $510,000 in 2017.
I vividly remember that change and it seemed to come from nowhere in just one weekend!
The rise continued at a slower rate to $540,000 in 2018 and in 2019 things switched just as suddenly but downwards with $40,000 off the average house price that year.
Comparing to 2023 when we closed the year with a median house price of $650,000, it's safe to say property still more than holds it's own over time.
I'm certainly looking forward to seeing how the 2024 property market unfolds and keeping you updated on it as it happens!
Thanks for watching and as always - any questions at all, get in touch!